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TO: |
Local Advisory Council |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Dave Hancock, Chief Capital Services Officer |
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PRESENTER(S): |
Vi Miller, Chief Financial Officer |
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Dan Hofer, Director of Capital Asset and Project Controls |
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Greg Andrews, Senior Budget Analyst |
TITLE:
title
AR2023-11-02 - Resolution Approving the Proposed 2024-2028 Capital Plan and Recommending Approval by the Authority’s Board of Trustees
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Pass Resolution AR2023-11-02 approving the 2024-2028 Capital Plan and recommending approval by the Authority’s Board of Trustees
BACKGROUND:
UTA’s 5-year Capital Plan is required to be updated every year, per the UTA Board of Trustees Policy 2.1 Financial Management. The 5-year Capital Plan includes all construction, capital improvements, major equipment purchases, and other projects requiring expenditures over $25,000. This includes projects that are funded partially or fully by outside funding sources, such as grants or local partners.
The plan is required to be financially constrained and maintain assets at a state of good repair, to protect UTA’s capital investments, and minimize future maintenance and replacement costs. Five-year forecasts help mitigate the challenges of applying a one-year budget to multi-year projects and support long-range financial planning and prudent management of the agency.
This proposed 5-Year Capital Plan covers the period from 2024 through 2028.
DISCUSSION:
Staff will present the final 5-year Capital Plan for 2024 through 2028 for the Local Advisory Council’s approval and recommendation. If recommended by the Local Advisory Council, the 2024-2028 Capital Plan will be brought to the Board of Trustees in December for final approval and adoption.
ALTERNATIVES:
The Local Advisory Council could recommend changes to the plan for consideration by the Board of Trustees.
FISCAL IMPACT:
The Five-Year plan details capital investments to keep the system in a state of good repair and funds improvements to support ongoing system operations. The first year of the plan (2024) is included in the 2024 Tentative Budget which the Board will consider for final adoption in December 2023.
ATTACHMENTS:
- AR2023-11-02
- 2024-2028 Capital Plan (as an exhibit to the resolution)